NEW YORK (S&P Global Ratings) Jan. 28, 2020--S&P Global ratings today assigned its 'A-' issue-level rating to Union Pacific Corp.'s proposed senior unsecured notes due 2027, 2030, 2050, and 2070. The company will use proceeds from this issuance for general corporate purposes, including share repurchases. Union Pacific's capital structure consists of senior unsecured debt and a modest amount of secured debt, most of which was issued at the parent level. We rate Union Pacific's unsecured debt 'A-', the same as our issuer credit rating, because no significant elements of subordination risk are present in its capital structure. Criteria Corporates General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 General Criteria: Methodology For Linking Long-Term And Short-Term
